Investor Presentation

May 2017

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General disclaimer

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The slides do not comprise an admission document, listing particulars or a prospectus relating to the Company or any subsidiary of the Company, and the informationcontained in, and communicated to you in, these Slides does not constitute, or form part of, and should not be construed as, an offer or invitation or other solicitation orrecommendation to purchase or subscribe for any securities in the Company and should not be relied on in connection with a decision to purchase or subscribe for any suchsecurities. The Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase securities in the Company.

Highlights

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Tomorrow’s Diagnostics Today

Why invest in Novacyt?

Robust sales growth due to proprietary technology products, high barriers to

entry and niche market focus

Significant investment opportunity

Strong margins: already at c.60% gross margin and near-term profitability

High growth potential due to large and fragmented market

Targeting a 2017 AIM IPO with shareholder authority to issue c.€18m of new capital based on a subscription

price around €0,90 per share

Market leading and proprietary technologies for diagnostic testing in

oncology and infectious disease

M&A opportunity: accelerate growth and profitability

Committed and Passionate Management Team

Graham MullisGroup CEO

Appointed CEO of Novacyt in

2014

Over 30 years in healthcare;

pharmaceuticals & medical

device markets

Internationally experienced

leader with multi-disciplinary

background

Led multiple successful exits;

Biocompatibles Eyecare,

ClearLab, VisionTec and

Optivue

C-level executive with FTSE

250 (Biocompatibles

International) and NASDAQ (1-

800 CONTACTS)

Anthony DyerGroup CFO

17 years in healthcare;

pharmaceuticals & medical

devices

Joined Group in 2010

Growth business and M&A

experience, including

RiboTargets / British Biotech

and BioFocus / Galapagos

FCCA qualified 20 years;

commercial and audit

background

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Experienced private equity

investor having spent almost 30

years in the industry

James has been involved with

over 30 businesses, typically as

Chairman or Non Executive

Director and also as observer

Formerly of Bridgepoint Group

and NED of Masstock and

Crompton Lighting

James WakefieldNED and Chairman

Novacyt Group: Overview

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“Self sustaining,

cash generative”

Infectious disease

“Simple,

fast, flexible”

Infectious

disease

“Better,

quicker, cheaper”

Cancer &

Infectious disease

• Novacyt is a UK based business with three exciting diagnostic technologies; €11m sales and 38% CER growth

• Infectious disease diagnostics is largest market segment*

• Cancer diagnostics is fastest growing market segment*

• Novacyt is a reagent manufacturer with capital purchase and repeat consumable purchase

• M&A opportunity

• Track record of value creating deals

*Directors’ belief

KPIsEstablished and lower growth High Growth

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Targeting global leadership in clinical diagnostics in oncology and infectious disease markets

Novacyt Strategy

Organic Revenue

Growth

>25% per annum

High Gross Margin

>60% gross margin

Profitable, cash

generative

Cash flows feed high

growth businesses

Organic growth

Acquisitive Growth

Novel

R&D

Transaction Rationale

Why AIM?

UK-centric company

Enhance capital markets profile and international profile

Broaden shareholder base to support ambitious organic and inorganic growth plans

Why now?

High growth business with right profile for UK listing

Why invest?

Trading at c.1.1x FY17e revenue(1)

Revenue generating, lower risk med-tech

Experienced management team

M&A offering potential for accelerated growth

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Use of proceeds: intentions

Working Capital

Growth Capital

M&A

Deferred Consideration £2.5m

(1) As of 09 May 2017, versus consensus analysts’ forecast sourced from Thomson Reuters

Core Financials

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High sales growth and expanding margins

Group Revenue €11.1m (2015: €8.9m) representing 25% growth

and 56% CAGR 2014-16

Gross margin c.60%

Gross margin achieved despite largely indirect distributor sales

channel

Trajectory to near term profitability

Approaching EBITDA breakeven point

Planned EBITDA loss peaked in 2015 at €2.9m as rapid investment in

NOVAprep® was made to drive sales growth

Cash balance of €2.9m at 31 December 2016

Total debt of €6.3m

Management expect strong future cash-flow and low capital intensity

*Pro-forma: 12 months of Primerdesign financials incorporated

0%

10%

20%

30%

40%

50%

60%

-

2

4

6

8

10

12

14

FY14 FY15 FY16 FY16Pro forma

€m

Revenue and Gross Margin

NOVAprep Lab21 Primerdesign Gross margin

-36%-33%

-21%

-13%

-50%

-40%

-30%

-20%

-10%

0%

(3.5)

(3.0)

(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

-

0.5

2014 2015 2016 2016Pro forma

2017concensus

€m

EBITDA evolution / % of revenue

Business Divisions – P&L

Revenue(1) €5.1m €1.6m €6.2m

Gross margin(1) 82% 50% 42%

EBITDA(1) 38% N/A 11%

Sales distribution

channel

Direct (UK), Indirect (ex-UK) Indirect (Global) Direct (UK), Indirect (ex-UK)

Strategic focus High growth (organic / inorganic)

Niche clinical product focus

Investing whilst maintaining high

profitability and cash flow

High growth (organic / inorganic)

Unique proprietary cancer product

Profitability following investment

Growth (product expansion)

Established product portfolio

Increasing profitability and free

cash flow

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(1) Revenue for Primerdesign on a proforma basis. All quoted figures for the 12 month period ended 31 December 2016

Revenue Breakdown – Product and Geography

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Cytology14%

Haematology/ Serology

25%

Microbiology24%

Clinical Laboratory

7%

Molecular Products

30%

Revenue by product

Europe53%

Asia Pacific22%

America11%

MEA14%

Revenue by geographical region

Source: Audited 2016 Group consolidated financial statements

Business Segments

Lab21: “Self-sustaining, cash generative”

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Reagent manufacturer, multiple assay purchases

Consumable reagents – “manual”Indicative price per assay: €1 to €20

Lab21 Products: Overview

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Self-sustaining, cash generative, providing capital to drive growth in Primerdesign and NOVAprep

Summary

• Total addressable market €6.8 billion(1)

• Develops, manufactures and distributes a large range of infectious disease IVD products across the world through multiple brands

• Screening and confirmatory diagnostics extensively used in developing markets

• High barriers to entry due to regulatory hurdles and branding

• Targeting low double-digit profitable sales growth

Key Strengths

• Significant operational synergies to benefit Primerdesign and NOVAprep products

• Loyal distributor customers - “sticky”, stable and profitable sales base

• In-house manufacturing for majority of products provides stability of supply chain and margins

• Established, global distribution channels

• Distribution expertise in developing markets (e.g. South America, Middle-East)

(1) Source: Futuremarketinsights.com ‘Industrial Microbiology Market – Global Industry Analysis and Opportunity Assessment 2016 – 2024’

Business Segments

Primerdesign: “Simple, Fast, Flexible”

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Reagent manufacturer, multiple assay purchases

One off purchase – genesig® instrumentIndicative price per unit: €4,000

Consumable reagentsIndicative price per assay: €10 to €50

Consumable reagents agnostic – “multiple platforms”Indicative price per assay: €10 to €50

Primerdesign: Market Opportunity

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Substantial opportunity for core qPCR technology to be sold into multiple markets

• A growing and attractive RUO

market for qPCR kits

• Primerdesign focused on US

market; fastest growing region

for RUO

• Direct sales channel into UK

market – represents 25% of

current revenues

• Opportunity to exploit position in

other developed markets

€1.3 billion(1)

CAGR +6.0%

Academic RUO

• Clinical markets present

significant growth opportunity for

approved CE-IVD assays

• Molecular testing is already

fastest growing segment of IVD

market and qPCR testing is

already €1.2 billion(1)

• Targeting commercialisation of

certain developed assays to CE-

IVD products in niche markets

€6.0 billion(1)

CAGR 9.1%

IVD Clinical

• High growth market with rapidly

changing needs and strong

pricing

• Regulatory standards less

rigorous but requires different

sales channel

• Opportunity is to partner through

B2B as Novacyt does not have

strong distribution in this market

€6.7 billion(1)

CAGR +8.6%

• Different, less rigorous regulatory

standards compared to clinical

markets

• Same assays can be sold into

this market but requires different

sales channel

• Distribution synergies possible

through Lab21 Products division

€6.7 billion(1)

CAGR +7.4%

VeterinaryFood safety testing

Other opportunities

(1) Market sizes and CAGRs have all individually been sourced from a combination of marketsandmarkets.com (February 2017) or Global Markets Insights Inc and Directors’ beliefs

Core focus

Primerdesign: R&D

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Academic RUO IVD molecular clinical

Today

Extensive 450+ RUO product menu

Strong margin & profitability

Speed to market

Lower regulatory hurdle

Tomorrow

Larger clinical market

Higher pricing

Higher growth potential

Opportunity in underserved niche

markets

€1.3bn(1)

CAGR 6.0%€6.0bn(1)

CAGR 9.1%

R&D CE - IVD registrations

for c.10% of products

Design, manufacture and distribution of molecular real-time PCR kits and reagents

Increase market opportunity

RUO assay development 4 weeks CE - IVD assay development 12 months

(1) Market sizes and CAGRs have been sourced from marketsandmarkets.com (February 2017), Global Markets Insights Inc and Directors’ beliefs

Primerdesign: Financial Strength

2016 Financial Performance

• £4.2m sales (2015: £3.9m) driven by growth of 71% in South

America, 31% in Asia Pacific, 28% in North America

• 82% gross profit margin (2015: 81%)

• 38% EBITDA margin (2015: 34%)

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Acquisition – May 2016

Two months to signed SPA from beginning due diligence

• Consideration of £4.7m cash and £4.9m equity, with sales

growth earn-out of £2.5m and warrants

• Revenue multiple on full-earn out basis of 2.0x

• EBITDA multiple on full-earn out basis of 5.8x

Note: change of year end in FY15 and FY16 from September to December in line with Novacyt financial year end

Source: Company Accounts

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

1.0

2.0

3.0

4.0

5.0

FY11 FY12 FY13 FY14 FY15* FY16*

£m

Primerdesign revenue and EBITDA

Revenue (£m) EBITDA (£m) EBITDA (%)

Business Segments

NOVAprep: “Better, Quicker, Cost Effective”

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One capital purchase, multiple vial purchases

One-off purchase – NOVAprep® instrumentIndicative price per unit: €25,000 and €50,000

Consumable – the NOVAprep® vialIndicative price per vial: €2.00 to €3.00

NOVAprep: Overview

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Summary

• Total addressable market: €5.4bn(1)

• Unique proprietary vial and media design gives operational and quality benefits

• Platform used in cervical cancer screening, other non-gynaecological cancer diagnosis and HPV testing

• Opportunity to target and convert non-LBC market into using NOVAprep

• Conventional Pap smears represent 50% of cancer screening market

Key Strengths

• Safer, more efficient and more cost-effective LBC technology versus much of the competition

• Patent protected instrument, vial and software technology: 103 granted and pending patents

• Proprietary vial technology: used in LBC and HPV market, with wider market potential

• Global: Asia Pacific sales growth of 117% in 2016; Middle East, including Turkey, delivered 65% growth

Next generation liquid based cytology (LBC) technology platform

(1) Sourced from a combination of Transparency Market Research and Directors’ beliefs

NOVAprep: Market Opportunity

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Substantial opportunity with core vial technology across several markets

• Conventional cervical cancer

screening represents 50% of

global market

• Switch existing liquid based

cytology users to NOVAprep®

• Focus on developing markets

which are still using

conventional cervical cancer

screening

€2.9 billion(1)

CAGR +6.3%

• Identify niche markets with other

cancers where cytology and

molecular biology required

• Example anal cancer where

approximately 80% caused by HPV

infection

• Other opportunities may exist in

penile, lung, vulva and head-and-

neck cancer

€1.9 billion(1)

CAGR +17%

• Targeting NOVAprep vial

commercialisation with HPV

platform providers

• Exploit superior sampling and

DNA stability of vial/medium

€0.6 billion(1)

CAGR +8.3%

Cervical cancer

screening PAP smear

Other cancers where

cytology & molecular

diagnostics converge

Cervical cancer

screening HPV

Future market opportunityCore near term focus

(1) Market sizes and CAGRs have been individually sourced from a combination of Transparency Market Research and Directors’ beliefs

NOVAprep: Commercialisation underpins Strategy

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• Expand sales channels: China, Asia, Eastern Europe

and South America; selective direct operations

• Identify distribution partners for key developed

markets (e.g. US and Japan)

US cervical cancer screening market initial FDA registration

for vial successfully achieved in January 2017

Evaluation of large Japanese market underway

Co-testing with HPV testing (e.g. Cepheid partnership

initially in South America)

• Drive instrument placements with strong utilization to

drive consumable sales and increased gross margins

• Market NOVAprep system in non-gynaecological niche

markets (e.g. thyroid, lung, pancreas)

Marketing and product development to deliver strong sales growth and sustainable profitability

Marketing Product Development

• Develop clinical data and increase KOLs to

demonstrate superiority over competition

• Realise divisional synergies: co-market with

Primerdesign molecular tests (e.g. HPV, other STDs)

• Develop vial & storage markets: additional sales

opportunities (e.g. non-gynaecological cancer markets)

1 2

Milestones and M&A

Newsflow

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2016 2017

Commitment to market communication – delivering against the strategic objectives

Organic growth

Acquisitive Growth

Novel

R&D

• 19 separate news releases

• Sales CAGR >50%, improved

profitability

• Raised >€10m in cash

• Acquired Primerdesign

• Launched NOVAprep in 10

countries including China

• Launched new R&D strategy

• Strategic distribution partnership

with Cepheid

• 5 news releases YTD

• Future news flow

• First CE Mark Primerdesign launch

• Successful UK IPO on AIM

• Significant capital raise

• Continued sales and profitability

growth

• Identification of accretive acquisition

• Expanded distribution channels

The M&A Strategy

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Accelerating market access with specific targets

Criteria

Geographic expansion of sales and distribution channels

Increase Novacyt direct sales, protect premium gross margins

Infectious disease and oncology focus

Established revenues

Profitable

Opportunity

Large number of small, local businesses operating in global markets

Attractive buying multiples possible

Proven ability to source and integrate accretive acquisitions

Summary

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Tomorrow’s Diagnostics Today

Robust sales growth due to proprietary technology products, high barriers to

entry and niche market focus

M&A opportunity: accelerate growth and profitability

Strong margins: already at c.60% gross margin and near-term profitability

High growth potential due to large and fragmented market

Market leading and proprietary technologies for diagnostic testing in

oncology and infectious disease

Committed and passionate leadership team: focused on driving value for

shareholders

Significant investment opportunity

Appendices

Financial statements – Group Income Statement Summary (IFRS)

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* Impairment of Lab21 goodwill calculated under IFRS based on recoverable amount.

Lab21 was acquired with 100% equity and the fall in share price since June 2014 was a

significant indicator of impairment.

** €0.2m of corresponding foreign exchange credits are disclosed in the statement of

comprehensive income. These are not included in the total net loss.

• Lab21 consolidated from Jul-14. Primerdesign consolidated May-16.

• EBITDA is presented before non-recurring charges and income.

• Operating loss is stated after non-recurring charges amounting to €1.4m in

2016. These charges include:

• Site restructuring / relocation €0.5m (Novacyt/Primerdesign)

• Primerdesign acquisition costs €0.5m

• IPO costs - AIM listing project €0.3m

• First time IFRS conversion costs €0.1m

• Operating loss in 2015 includes a non-cash goodwill impairment charge of

€9.8m* relating to the acquisition of Lab21.

• Gross borrowing costs in 2016 include €0.4m non-cash IFRS charges e.g. in

respect of amortising loan set up costs over the loan term

Source: 2016 Group consolidated financial statements

€'000 2016 2016 2015 2014

Pro forma Consol Consol Consol

Revenue 12,925 11,076 8,892 4,526

Gross profit 7,628 6,080 4,275 1,973

Gross margin % 59.0% 54.9% 48.1% 43.6%

EBITDA (1,724) (2,295) (2,928) (1,611)

Recurring operating loss (2,575) (3,074) (3,235) (1,844)

Operating loss (3,998) (4,463) (13,185) (3,686)

Income from cash and cash equivalents - - 1 -

Gross borrowing costs (1,047) (1,047) (947) (49)

Other financial income and expenses (154) (200) 224 (177)

Income tax (44) (2) (1) -

Total net loss (5,243) (5,711) (13,908) (3,912)

Financial statements – Group Balance Sheet Summary (IFRS)

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• Goodwill

• Lab21 added €19.0m goodwill in 2014, which was written down by €9.8m in 2015

• The acquisition of Primerdesign in 2016 generated €7.2m of goodwill and a further €4.3m of intangible assets allocated upon

acquisition in respect of the value of customers and brands

• Total borrowings in 2016 includes

• Kreos bonds of €5.7m (2 bonds repayable by 2018 and 2019 respectively)

• Yorkville convertible bonds of €0.5m included in short term loans (fully converted to equity by April 2017)

• Earn outs

• Primerdesign earnouts of £1.5m in 2017 and £1.0m in 2018 (discounted to €2.6m in the balance sheet) Source: 2016 Group consolidated financial statements

€'000 2016 2015 2014 €'000 2016 2015 2014

Goodwill 16,466 9,256 19,042 Share capital and premium 48,239 32,861 28,602

Other non-current assets 6,616 2,241 1,709 Retained earnings (30,470) (22,337) (8,329)

Total non-current assets 23,082 11,497 20,751 Total equity 17,769 10,524 20,273

Inventories 1,614 1,488 1,335 Borrowings (> 1 yr) 2,756 2,103 588

Other current assets 2,880 2,430 2,224 Other provisions and long-term liabilities 1,101 143 555

Cash and cash equivalents 2,866 1,691 2,337 Total non-current liabilities 3,857 2,246 1,143

Total current assets 7,360 5,609 5,896

Borrowings (< 1 yr) 3,499 1,270 433

Trade and other payables 3,504 2,968 4,381

Other provisions and short-term liabilities 1,813 97 417

Total current liabilities 8,816 4,335 5,231

TOTAL ASSETS 30,442 17,106 26,647 TOTAL EQUITY AND LIABILITIES 30,442 17,106 26,647

Financial statements – Group Cash Flow Summary (IFRS)

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Investing activities of -€7.4m in 2016 :

• Primerdesign acquisition costs* -€6.7m

• Capex -€0.6m

• Other -€0.1m

Financing activities of €11.2m in 2016 :

• Equity raised (net of fees) €7.9m

• Debt acquired (net) ** €4.9m

• Debt repayments (cap + int) -€1.6m

Cash from operating activities includes working capital

outflow of €2.4m in 2015 and €0.5m in 2014 of which €2.0m

relates to Lab21 acquisition costs and IFRS conversion costs.

* Primerdesign acquisition costs

• Cash paid -€7.1m

• Net cash acquired €0.4m

** Debt acquired includes €3.0m (before fees) raised with Kreos to part fund the

acquisition of Primerdesign and €2.0m (before fees) drawn down under the

Yorkville convertible bond instrument

Source: 2016 Group consolidated financial statements

Cash flow statement €'m 2016 2015 2014 2013

Cash from/(used in) operating activities (2.6) (5.3) (2.1) (0.8)

Cash from/(used in) investing activities (7.4) (1.1) 0.6 0.5

Cash from/(used in) from financing activities 11.2 5.7 3.0 0.7

Net increase/(decrease) in cash 1.3 (0.7) 1.5 0.4

Opening cash 1.7 2.3 0.8 0.5

FX impact (0.1) 0.0 0.0 -

Closing cash 2.9 1.7 2.3 0.8

Cash flow

32

Reducing operating burn

Operating cash outflow 23% of revenue in 2016

reduced from 60% in 2015

Monthly burn €213k in 2016 vs €446k in 2015

Working capital requirement (WCR) of €0.3m in 2016

The 2015 WCR of €2.4m included €1.5m of deferred

transaction costs from the 2014 acquisition of Lab21

Non-operating cash

2015 debt repayments included €1.6m settlement of UK

legacy loan from new €3.5m Kreos bonds

Debt currently contributes c. €0.3m per month to burn

*Pro-forma: 12 months of Primerdesign financials incorporated

-

2.0

4.0

6.0

8.0

10.0

12.0

FY16 FY15

2.3 2.9

0.3

2.4

0.6

1.1

1.5

2.1

0.2

0.1 6.7

€m

Use of funds

Acquisition

Other financing & f/x

Debt repayments (cap + int)

Capex

Working capital

EBITDA

Board

33

Dr Heath is a healthcare and biopharmaceutical executive with in-

depth knowledge of US and UK capital markets with international

experience in marketing, sales, R&D and business development

He is currently Chairman of Shield Therapeutics plc, Vice Chairman

and SID of Oxford Biomedica plc, and director of IHT llc

From 1999 to 2008 he was CEO of Protherics plc, taking the

company from 30 to 350 staff and managing its eventual acquisition

by BTG Plc for £220 million

Dr Heath chairs Remcom of Novacyt

.

Dr Andrew Heath

Non-exec Director

One of the founders of Novacyt in July 2006

30 years in the car and electrical components industry

(various functions/M&A/business restructuring).

Of which 10 years Outside France: Singapore, North

America, Belgium and Italy

Ed has over 40 years of experience in founding, investing

in, and guiding the development of many public and private

healthcare and specialty materials companies

He has been a recipient of several awards in the material

sciences industry, including the AB Campbell Award and

the Hunt Silver Medal and received BS and PhD degrees

in metallurgy from Leeds University, England

Ed Snape

Non-exec Director

Jean-Pierre Crinelli

Non-exec Director

Non-executive Chairman of Premier Vet Group, listed on London Stock

Exchange

Non-executive Vice Chairman of Nexstim, a listed Finnish medical

technology company

A 20+ years strong track record advising listed healthcare companies in

UK and Europe as an investment banker

Managing Director Nomura Code

Chartered Accountant and substantial experienced in equity fundraisings

and M&A

Juliet Thompson

Non-exec Director (subject to shareholders meeting approval)

Joined Novacyt in 2014

Over 15 years experience in

medical devices

Extensive operational experience at

Senior Management and Board

level

Experience in both SME’s and Blue

Chip inc J&J

Strong experience in Quality

System development and

Regulatory Compliance

Co founder of Primerdesign in 2005

PhD in Cell and Molecular Biology

Developed highly profitable molecular

business from £30k investment

Ian Wilde

Group RA & QA Director

Jim Wicks PhD

Managing Director Primer Design Division

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Ruth Powell PhD

Managing Director NOVAprep Division

Phil Sefton

Managing Director Lab21 Products Division

Joined April 2017

Over 30 years experience in life

sciences, molecular diagnostic and

classical diagnostic markets.

Commercial leadership posts in

QIAGEN, TAP Biosystems, LGC

Genomics and Boehringer

Mannheim

Global experience of building

successful businesses

Joined April 2017

Over 30 years’ experience in the IVD

sector in blue chip organisations such

as Thermo Fisher Scientific ,Bayer,

Siemens and Chiron

Chair of British In Vitro Diagnostics

Association ( BIVDA ) 2014-2016

and current member of the Executive

Board

Wider executive team

Wendy Karban

Group HR Manager

Joined February 2017

HR professional with international

and multi-site experience

Blue chip training with Siemens

Chartered Member of the CIPD

Rob Powell PhD

R&D Director Primerdesign

Joined Novacyt in 2014

PhD in Biochemistry

Co-founder of Primerdesign in 2005

Molecular specialist

Disclaimer

These presentation slides (the "Slides") have been prepared by Novacyt S.A (the "Company"). The Slides have not been approved by an authorised person within the meaning of the Financial

Services and Markets Act 2000. Reliance on the Slides for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other

assets invested.

The Slides do not comprise an admission document, listing particulars or a prospectus relating to the Company or any subsidiary of the Company, and the information contained in, and

communicated to you in, these Slides does not constitute, or form part of, and should not be construed as, an offer or invitation or other solicitation or recommendation to purchase or subscribe

for any securities in the Company and should not be relied on in connection with a decision to purchase or subscribe for any such securities. The Slides and the accompanying verbal

presentation do not constitute a recommendation regarding any decision to sell or purchase securities in the Company.

The information contained in the Slides is given at the date of their publication and is subject to updating, revision and amendment. In particular, the proposals referred to therein are tentative

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accompanying verbal presentation or the completeness or accuracy of such information. No representation, undertaking, warranty, or other assurance, express or implied, is given by or on

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Disclaimer

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